HDB has launched the Prime BTO Flats at River Peaks I and II in Rochor for sale.
This is the first prime location public housing (PLH) model project.
River Peaks consist of 960 units of 3-room and 4-room flats across six 47-storey blocks.
Whereas, another 40 units of 2-room rental flats will be integrated in one of these blocks.
BTO prices start from S$409,000 for a 3-room flat without housing grant and S$582,000 for a 4-room flat.
This is the most expensive launch in a mature estate of Singapore.
Home buyers will realise that River Peaks BTO prices are slightly higher than Queenstown BTO project, Queen's Arc, in which a 3-room flat starts from S$382,000.
Under the PLH model, owners of these Rochor BTO flats must pay 6 per cent of the resale price or valuation, whichever is higher, to HDB when they sell their house on the open market for the first time.
Because HDB has to provide additional subsidies on top of those provided for all BTO flats in order to launch these prime areas flats at affordable prices.
The subsidy clawback shall applies to the first resale transaction only. So it does not penalised the 2nd or subsequent owners of Prime BTO flats.
The owners of Prime BTO flats in the PLH model will adhere to a requirement of 10 years minimum occupation period (MOP).
This is in addition to the 5 to 6 years of waiting time for these flats to be constructed.
River Peaks at Rochor is estimated to be completed in the second quarter of 2028.